Australia's Fundamentals Are Strong, Not Like Spain, Says Swan

Australia's Fundamentals Are Strong, Not Like Spain, Says Swan


The Australian economy is very strong, Treasurer Wayne Swan told CNBC in an interview on Wednesday, rejecting his country's comparison to Spain by an economist.
Swan said a suggestion by prominent Chinese economist Andy Xie that Australia's economy is at risk of a Spain-like economic crisis is "absurd".
Australia's biggest trading partner, China faces economic slowdown, but authorities can manage it, Swan said.
Xie, a former chief Asia-Pacific economist for Morgan Stanley argued that Australia is at danger of becoming another Spain due to its reliance on foreign demand. Swan said, "What planet does he live on?"
Swan said that the Australian budget will return to a surplus in 2012-13. It has low unemployment and a record investment pipeline in resources.


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